USG People N.V.: Q3 2014 results

Sharp improvement in profitability

Third-quarter 2014 results

Almere, 31 October 2014

Third-quarter 2014 highlightsRevenue rose to € 623.8 million (Q3 2013: € 599.4 million); revenue per working day increased by 5%Underlying operating expenses continued to decline, falling 4% year-on-yearUnderlying EBITA rose by 25% to € 28.8 million (Q3 2013: € 23.1 million); underlying EBITA margin: 4.6% (Q3 2013: 3.9%) Underlying net income doubled to € 17.7 million (Q3 2013: € 8.9 million)  Net debt declined to € 189.3 million (Q2 2014: € 205.8 million); leverage ratio improved to 1.9

 "We achieved a robust result for the third quarter," said Rob Zandbergen, CEO of USG People. "Revenue per working day grew by 5% and the EBITA margin rose to 4.6%. The profit margin is evolving towards our strategic target. Revenue growth weakened a little during the third quarter. Expenses were reduced further in the third quarter and were € 4 million lower than last year. Despite the more unpredictable economic growth we expect the recovery in our markets to persist and  will continue to focus our attention on further improving profitability and providing the right solutions to facilitate growth at our clients as effectively as possible."

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Source: USG People NV via Globenewswire
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